Greetings All – We’d like to give you an update on the meeting that we’ve had with the RTÉSA Trustees.
Following a request from the RTÉRSA to Ms Paula Mullooly, Chair of the RTÉSA, a meeting took place with the Trustees of the RTÉ Superannuation scheme on 19th May 2023.
The RTÉRSA was represented by Stephanie Fitzpatrick, Joe Harris and Phil Healy.
The Trustees present were Paula Mullooly, Richard Collins, and Jim Foley, with Eugene Murray and Emer Chapman (Registered Administrator, RTÉ Superannuation Scheme) joining by video link. Joanne McDonnell, Pensions Manager, also attended.
The RTÉRSA commenced the meeting by expressing their appreciation to the Trustees on behalf of our members for the good governance to date of the RTÉSA scheme.
We then questioned the Trustees on a few issues – first up on our agenda was the question of our pension increase.
1) Considering the recent pay increase granted to RTÉ staff we queried when the RTÉSA pensioners will get a similar increase. We reminded them that many of our members have documents stating that their pensions will increase in line with wage and pay agreements
The update is that the Trustees have a request lodged with the Minister for an increase of 2.5% backdated to 1/1/2022. According to the Trustees, every stage of the process takes about 2.5 months to get approval. They estimate that it will be 1 to 2 months before the Government responds.
Once this happens the Trustees will review the situation regarding another increase request to take effect from 1/1/2023.
We left the meeting confident that these pension increase requests will keep pace with wage increases in RTÉ.
2) We requested a regular annual pension increase review
The Trustees indicated that there is now a mechanism in place to annually assess whether there is a case for a pension increase. The core advice to the Trustees regarding increases comes from the actuaries of the scheme.
(FYI, the Trustees can put a pension increase request to the Government without prior approval from RTÉ though the Department will subsequently seek RTÉ’s opinion).
3) Change in the Investment Strategy
The RTÉSA scheme has moved away from high-risk investments towards government bonds (from countries such as France and Germany). This ‘de-risking’ strategy was a requirement requested by New ERA.
4) IORP 11 legislation, (The new EU Directive on the activities and supervision of institutions for occupational retirement provision (the IORP II Directive) was adopted in 2016). We asked the Trustees how this new legislation might affect the RTÉSA
Jim Foley confirmed that all trustees must comply with a fitness and probity declaration. IORP 11 has increased their obligations in this regard.
(FYI, the use of Master Trusts as a vehicle, as outlined in the legislation, are only for defined contribution schemes).
5) A request for a regular meeting with the trustees
It was agreed that there would be an annual meeting between the Trustees and representatives of the RTÉRSA.
Reminder!! – AGM 2023 – September 26th – The Talbot Hotel, Stillorgan @ 12 noon.